With the housing market in Eastern Washington remaining a hot topic, many people are left wondering: is now the right time to take the plunge and buy a house? Should I wait? Will prices drop and become more affordable? And what about interest rates – will they return to the lows we saw several years ago? Let’s dive into the factors that could influence your decision-making.
The housing market in Spokane is undeniably competitive right now, but prices have largely remained steady over the past year. The median home price in Spokane currently sits at $425,000, which is only a modest 1.4% increase from the previous year. That said, homes are still selling fast, with many properties going pending within a week or less.
For several years, we’ve been in a strong seller’s market, but recent changes like rising interest rates and market instability have led us to transition towards a buyer’s market. Sellers are becoming more receptive to contingent offers, meaning buyers may have an easier time getting their offers accepted – a step in the right direction for those looking to upgrade to a better home.
Interest rates are another crucial factor to consider. Currently, rates are higher than they’ve been in recent years, making the prospect of buying a home more expensive. The million-dollar question on everyone’s mind is: what will rates be like in the future? Various pundits and experts have weighed in with their opinions, but it’s important to remember that these are simply educated guesses. Several factors, such as inflation and the Federal Reserve’s actions, will play a role in determining where mortgage rates go from here.
So, is now a good time to buy a house? Playing the waiting game may seem like the safer option, but it could mean missing out on a home you truly love. And with the potential for prices to continue rising, the dream of homeownership may become increasingly more difficult to achieve. With home supplies currently on the shorter side and fewer new construction starts, it’s unlikely that we’ll see an influx of inventory that could drive prices down.
Some real estate experts suggest that if you’re financially capable of making a purchase now, it may be a wise move to avoid gambling on an uncertain future and secure your goal of owning a home.
If you’re ready to begin your search, start by exploring different communities to find one that suits your preferences. Check out our community resource here: https://daystarrealtyteam.com/communities/
While we can’t predict future interest rates with absolute certainty, these articles may provide some valuable insights: https://www.freddiemac.com/research?gad_source=1
Many people are asking the question: Is now a good time to buy a house? Maybe I should wait? Will prices drop and become more affordable? Will interest rates drop again like they did several years ago? Lets take a look as some of the factors that could help you make your decision.
The Eastern Washington housing market is pretty competitive right now, but prices have stayed relatively steady in the last year. The median price of a home in Spokane was $425,000 this month, which is only a 1.4% increase from last year. Homes are selling relatively fast though, with many properties pending within as little as a week.
We have been in a strong sellers market for the last several year but with raises in interest rates and other market instabilities, we have been transitioning toward a buyers market. Currently we are seeing sellers being more reasonable in their attitude towards contingent offers which may make it a lot easier to get your offers accepted. That alone can help many buyers make a step up to a nicer home.
Interest rates are certainly a factor to consider. Currently, the rates are higher than they have been in recent years, which could make buying a home more expensive. The question everyone wants an answer to is: “What will rates be like in the future:”
The pundits continue to weigh in with various opinions but it is important for you to remember that these all are just educated guesses. Inflation, the Federal Reserve’s actions, and other economic factors will all play a role in determining where mortgage rates go from here.
Is now a good time to buy a house? Waiting to buy a house may seem like the safe move but waiting to buy could mean missing out on a home you really love. Potentially, we could see prices continue to rise. If home prices escalate, making that home ownership dream come true could be substantially more difficult. Currently home supplies are on the short side and new construction starts are lower. That doesn’t make it seem like supplies could rise a lot which would be necessary to see prices drop appreciably. Some real estate experts have suggested that if you can afford to make that purchase now it may be prudent to do so rather than gambling on the future and missing out on your goal of home ownership.
One of the best ways to start finding a home is to find what community you are interested in living in. Check out our community resource! https://daystarrealtyteam.com/communities/
Wouldn’t it be great to know what interest rates were going to be in the future? I would love to know too. Here are some articles that might give you some clues: